Ayala group to increase land bank in Cebu

CEBU, Philippines - While Ayala Corporation recognizes Cebu’s potential as a fertile expansion site for all its member companies, the conglomerate stressed its interest to focus more on growing its real estate investments in the province.

Ayala Corporation chairman and chief executive officer (CEO) Jaime Augusto Zobel de Ayala revealed that the firm intends to buy more land in the province to strengthen its presence in Cebu’s real estate industry.

Zobel said the company’s interest in real estate development will be magnified here through its various subsidiaries led by the Ayala Land Inc. (ALI).

This keen interest has been recently manifested by the launching of its two high-rise commercial and residential projects at the Asiatown IT Park, the Avida Towers and the eBloc2.

Zobel said the conglomerate will be buying more land in the province, while ongoing developments utilize its existing land bank, as negotiations in purchasing land would usually take time.

Aside from Cebu’s robust economic growth, Zobel said the support from the Local Government Units here has encouraged investors of big-ticket investments to operate in the province.

Aside from real estate investments, Ayala Corporation will also intensify the operations of its telecom and banking arms in Cebu.

Zobel said the P10 billion increase in the capitalization of the Bank of the Philippine Islands (BPI) will largely benefit the Cebu market.

BPI recently announced to infuse a fresh P10 billion capitalization to strengthen its position and extend more services to the market.

Zobel said BPI will widen its scope in providing consumer and corporate loans through the P10 billion fresh capital, wherein a huge part will be allocated for its loan portfolio.

Meanwhile, the conglomerate’s telecom arm, Globe Telecoms, will focus its development on improving customer service and to make WiFi (Wireless Fidelity) easily accessible to the mainstream market.

Zobel was in Cebu recently to receive an award from the Cebu Chamber of Commerce and Industry (CCCI) during the 15th Annual Grand Chamber Awards for the conglomerates’ exemplary and conscientious adoption of Sustainable Development.

The Ayala Corporation’s Distinction Award is credited to the company’s serious implementation to protect, sustain and enhance the human and cultural resources that will be needed in the future while meeting the needs of the enterprise and stakeholders.

Ayala Corporation has consistently incorporated sustainable development as an overarching philosophy in its corporate culture. The group documented this in its Sustainability Report issued last 2009. It became the first ever Global Reporting Initiative (GRI)—compliant group-wide report done in the Philippines.

According to Zobel, aside from the annual financial report, companies should also take similar weight of importance in the sustainability report, saying “we always believe that companies can do more for the community.”